Seems that people are unhappy with what they perceive as the “spin” put on Seruaway by MEO. Maybe the SP’s could have got a hint at what was coming with the recent change of emphasis by MEO from promoting their exploration acreage position to promoting their management – which now seems to be very large and very expensive.
Difficult to understand why all these people are necessary for a relatively small company as MEO is.
Despite all these people and touted experience, MEO was unable to farmout Seruaway. There is a preponderance of ex-ExonMobil people among them and I don’t recall ExxonMobil ever doing many farmouts. Very disappointing.
After paying for the Gurame well and another well in Thailand, yes MEO will need to do a CR. I suspect that is what all the investor presentations were about.
MEO Price at posting:
21.5¢ Sentiment: None Disclosure: Not Held
